es Exercise 2-40 (Algo) Prepare Statements for a Manufacturing Company (LO 2-2, 4) The following balances appear on the accounts of Greusel Fabrication: Direct materials inventory Work-in-process inventory Finished goods inventory March 1 (Beginning) $ 50,000 76,000 56,500 March 31 (Ending) $ 55,000 80,200 52,200 Direct materials used during the month amount to $539,000 and the cost of goods sold for the month was $1,576,000. Required: Prepare a cost of goods sold statement. Manufacturing costs: Direct materials: Materials available Direct materials used Total manufacturing costs Total costs of work-in-process Cost of goods manufactured Finished goods available for sale Cost of goods sold GREUSEL FABRICATION Cost of Goods Sold Statement For the Month Ended March 31